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Fact Check: JPMorgan Chase led fossil fuel financing with a shocking $53.5 billion last year!

Fact Check: JPMorgan Chase led fossil fuel financing with a shocking $53.5 billion last year!

Published June 18, 2025
by TruthOrFake AI
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VERDICT
True

# Fact Check: "JPMorgan Chase led fossil fuel financing with a shocking $53.5 billion last year!" ## What We Know Recent reports from environmental a...

Fact Check: "JPMorgan Chase led fossil fuel financing with a shocking $53.5 billion last year!"

What We Know

Recent reports from environmental advocacy groups indicate that JPMorgan Chase was the largest financier of fossil fuels in 2024, providing $53.5 billion in funding. This figure represents a significant increase of $15 billion compared to the previous year (2023) (American Banker). The data comes from the 16th annual Banking on Climate Chaos report, which analyzed the financing activities of the world's 65 largest banks. The total financing committed to fossil fuel companies by these banks reached $869 billion in 2024, marking a $162 billion increase from 2023 (Common Dreams).

The report defines financing as a combination of lending, bond issuances, and share issuances, and it highlights that 45 out of the 65 banks studied increased their fossil fuel financing during the year (Sierra Club).

Analysis

The claim that JPMorgan Chase led fossil fuel financing with $53.5 billion is supported by multiple credible sources, including the Banking on Climate Chaos report and various news articles summarizing its findings (Wall Street Journal, Oil Change).

While JPMorgan Chase has disputed some of the report's conclusions, claiming that it provided more financing for renewable energy than fossil fuels, it did not provide specific counter-numbers to challenge the reported figures (American Banker). The bank's assertion that it does not "boycott" fossil fuels and emphasizes its role in both traditional and clean energy financing does not negate the reported increase in fossil fuel funding (Common Dreams).

The sources used in this analysis are from reputable environmental organizations and established news outlets, which enhances their credibility. However, it is important to note that the report has been criticized by some banks, including JPMorgan, which may indicate a potential bias in the interpretation of the data.

Conclusion

The claim that "JPMorgan Chase led fossil fuel financing with a shocking $53.5 billion last year" is True. The evidence from multiple credible sources confirms that JPMorgan Chase was indeed the largest financier of fossil fuels in 2024, with a significant increase in funding compared to the previous year. Despite some pushback from the bank regarding the report's findings, the overall data presented in the Banking on Climate Chaos report supports the claim.

Sources

  1. Big banks ramp up fossil-fuel financing, climate groups find
  2. Global Banks Increase Fossil-Fuel Funding as Climate ...
  3. Banking on Climate Chaos Report Shows 'Tremendous' Financing Surge
  4. Banks fossil fuel finance totals $869 billion in 2024, a dramatic ...
  5. New Report: Global Bank Financing of Fossil Fuels Totals $869B In 2024 ...
  6. Banks Fossil Fuel Finance Totals $869 Billion in 2024, A ...
  7. Banks Boost Fossil Fuel Financing for The First Time since 2021
  8. report

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Fact Check: How nuts is Mark Carney? Perhaps nuttier than you think. Have a read of this piece in the Financial Post, by Matthew Lau. "Having left his gig as UN Special Envoy for Climate and Finance to lead the federal Liberal government, Mark Carney is now in a position to focus his and Greta Thunberg’s global climate crusade squarely on Canada. The crusade, Carney boasted back in 2021 while in his previous role, is worth many trillions of dollars. As he told CBC News at that year’s UN climate conference, “We have banks, asset managers, pension funds, insurance companies from around the world — more than 45 countries — and their total resources, totalling US$130 trillion” dedicated to transitioning the world’s economy away from fossil fuels. That dollar figure is higher than global GDP. Last month, Carney laid out Canada’s required contribution to his climate ambitions: “Canada must invest $2 trillion by 2050 — about $80 billion per year — to become carbon competitive and achieve Net Zero. However, investments in decarbonisation currently run between $10–20 billion annually.” The implication is that another $60-70 billion a year will need to be wrung out of Canadian businesses and consumers, either through direct taxation and government spending or with regulatory browbeating to push Canadians’ savings and investments into global warming initiatives. Carney has made no effort to hide his agenda to browbeat businesses into joining his and Greta Thunberg’s climate crusade. In a 2021 interview he declared, “We need a sustainable economy, and is your business aligned with that? Are your hiring practices consistent with that? Are you developing people in a way that’s consistent with that? Ultimately, what’s being asked of businesses when it comes to climate is, do you have a plan for net-zero? Canada has a legislated objective for net zero alongside another 130 countries.” “A Swedish teenager,” Carney continued, referring to Thunberg, “can figure out the carbon budget and that we have less than 10 years and you have to get to net-zero to stabilize it and if you’re a company and you have purpose, well, what’s your plan? And all these plans need to come together.” This is utter insanity: under Justin Trudeau Canada suffered rapidly declining business investment and now his successor wants the country’s business leaders to take financial planning directives from Greta Thunberg. While the federal government barrels down the road to net-zero impoverishment for Canada, everyone else is looking for the exit ramp. In January, six of the largest U.S. banks — JPMorganChase, Bank of America, Citigroup, Wells Fargo, Goldman Sachs, and Morgan Stanley — quit the Carney-led net-zero banking alliance. Canada’s Big Six Banks — RBC, TD Bank, BMO, Scotiabank, CIBC and National Bank — have quit the initiative as well. Even Europe is beginning to back off on government piling climate obligations onto businesses in the name of fighting global warming. As the Wall Street Journal reports, the EU is watering down its climate accounting policies “amid pushback from member states and companies within the bloc over the new rules, which they say would have increased costs and reduced the competitiveness of their business.” Specifically, regulations previously scheduled for this year would have forced companies “to report in detail on their environmental, social and corporate-governance performance while making significant cuts to the emissions from within their supply chain.” The EU is now dropping, weakening or postponing many of these climate regulations, so that businesses will be able to better “grow, innovate, and create quality jobs.” This is effectively an admission that piling climate obligations and environmental reporting mandates onto businesses prevents them from growing, innovating and creating good jobs. Unfortunately, Mark Carney is all about climate obligations and reporting mandates. The road Canada is currently marching down for climate-related financial disclosures is based on a framework proposed by a task force Carney initiated in 2015. His aforementioned Thunberg-praising interview was not with an environmental journalist, but with Pivot Magazine, which is published by CPA Canada, the accounting industry’s national association. “We cannot get to net-zero without proper climate reporting,” he insisted, speaking of the need for “one core global standard” for climate accounting and reporting. A global climate reporting standard to help push trillions of dollars — yes, trillions with a “T” — from Canadian workers and taxpayers into Mark Carney and Greta Thunberg’s climate crusade? After a decade of Justin Trudeau’s ruinous policies weakening Canada from coast to coast, there could be little worse for the country and its economy than a Liberal government led by Mark Carney." The Financial Post

Detailed fact-check analysis of: How nuts is Mark Carney? Perhaps nuttier than you think. Have a read of this piece in the Financial Post, by Matthew Lau. "Having left his gig as UN Special Envoy for Climate and Finance to lead the federal Liberal government, Mark Carney is now in a position to focus his and Greta Thunberg’s global climate crusade squarely on Canada. The crusade, Carney boasted back in 2021 while in his previous role, is worth many trillions of dollars. As he told CBC News at that year’s UN climate conference, “We have banks, asset managers, pension funds, insurance companies from around the world — more than 45 countries — and their total resources, totalling US$130 trillion” dedicated to transitioning the world’s economy away from fossil fuels. That dollar figure is higher than global GDP. Last month, Carney laid out Canada’s required contribution to his climate ambitions: “Canada must invest $2 trillion by 2050 — about $80 billion per year — to become carbon competitive and achieve Net Zero. However, investments in decarbonisation currently run between $10–20 billion annually.” The implication is that another $60-70 billion a year will need to be wrung out of Canadian businesses and consumers, either through direct taxation and government spending or with regulatory browbeating to push Canadians’ savings and investments into global warming initiatives. Carney has made no effort to hide his agenda to browbeat businesses into joining his and Greta Thunberg’s climate crusade. In a 2021 interview he declared, “We need a sustainable economy, and is your business aligned with that? Are your hiring practices consistent with that? Are you developing people in a way that’s consistent with that? Ultimately, what’s being asked of businesses when it comes to climate is, do you have a plan for net-zero? Canada has a legislated objective for net zero alongside another 130 countries.” “A Swedish teenager,” Carney continued, referring to Thunberg, “can figure out the carbon budget and that we have less than 10 years and you have to get to net-zero to stabilize it and if you’re a company and you have purpose, well, what’s your plan? And all these plans need to come together.” This is utter insanity: under Justin Trudeau Canada suffered rapidly declining business investment and now his successor wants the country’s business leaders to take financial planning directives from Greta Thunberg. While the federal government barrels down the road to net-zero impoverishment for Canada, everyone else is looking for the exit ramp. In January, six of the largest U.S. banks — JPMorganChase, Bank of America, Citigroup, Wells Fargo, Goldman Sachs, and Morgan Stanley — quit the Carney-led net-zero banking alliance. Canada’s Big Six Banks — RBC, TD Bank, BMO, Scotiabank, CIBC and National Bank — have quit the initiative as well. Even Europe is beginning to back off on government piling climate obligations onto businesses in the name of fighting global warming. As the Wall Street Journal reports, the EU is watering down its climate accounting policies “amid pushback from member states and companies within the bloc over the new rules, which they say would have increased costs and reduced the competitiveness of their business.” Specifically, regulations previously scheduled for this year would have forced companies “to report in detail on their environmental, social and corporate-governance performance while making significant cuts to the emissions from within their supply chain.” The EU is now dropping, weakening or postponing many of these climate regulations, so that businesses will be able to better “grow, innovate, and create quality jobs.” This is effectively an admission that piling climate obligations and environmental reporting mandates onto businesses prevents them from growing, innovating and creating good jobs. Unfortunately, Mark Carney is all about climate obligations and reporting mandates. The road Canada is currently marching down for climate-related financial disclosures is based on a framework proposed by a task force Carney initiated in 2015. His aforementioned Thunberg-praising interview was not with an environmental journalist, but with Pivot Magazine, which is published by CPA Canada, the accounting industry’s national association. “We cannot get to net-zero without proper climate reporting,” he insisted, speaking of the need for “one core global standard” for climate accounting and reporting. A global climate reporting standard to help push trillions of dollars — yes, trillions with a “T” — from Canadian workers and taxpayers into Mark Carney and Greta Thunberg’s climate crusade? After a decade of Justin Trudeau’s ruinous policies weakening Canada from coast to coast, there could be little worse for the country and its economy than a Liberal government led by Mark Carney." The Financial Post

Mar 23, 2025
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Fact Check: JPMorgan Chase led fossil fuel financing with a shocking $53.5 billion last year! | TruthOrFake Blog